Funding Led by Leading Digital Health Investment Firms F-Prime Capital Partners and Oak HC/FT
Notable Health, an artificial intelligence (AI) powered health care company that automates and digitizes physician-patient interactions, today announced it has closed $13.5 million in a Series A funding round. The financing round includes many of the best-known venture firms investing in innovative companies in digital health. The round was led by F-Prime Capital Partners and Oak HC/FT with participation from existing investors Greylock Partners and Maverick Ventures. F-Prime Capital Partners’ General Partner Carl Byers will join Notable Health’s Board of Directors and Oak HC/FT Managing Partner Annie Lamont will serve as a Board Observer.
Notable Health’s AI technology is addressing a long-standing challenge that physicians encounter when updating electronic health records (EHR) by having them speak directly into their Apple smartwatch rather than a PC or tablet – which can be difficult to work with, interfere with patient interaction, along with information often being captured incorrectly. Physicians using Notable Health are saving 70 minutes and 1000 clicks per day allowing them to schedule additional patient appointments resulting in a 15-20% increase in revenues, on average.
“Notable Health was founded with the mission of enriching every physician-patient interaction by eliminating the drudgery of administrative tasks and improving data quality. Through the use of continually-learning AI, voice recognition, and wearables we’re empowering physicians to be more productive and improve patient outcomes,” said Pranay Kapadia, Co-Founder and CEO. “We are thrilled to partner with some of the industry’s leading digital health investors as we continue to expand our product development and accelerate hiring across the company. We feel by addressing the traditional charting methods physicians currently use in their EHRs, Notable Health is in a unique position to help physicians operate more efficiently, see more patients, and help the industry continue to move to a more outcomes-based model.”
Notable Health uses sophisticated AI to learn physician behaviors and patterns and proactively assists with ICD-10 coding, E&M billing, improving adherence to quality measures, and streamlining the routing of orders. For in-visit findings, physicians use their Notable Health-issued Apple smartwatch device to capture audio during and after a patient visit. Data is automatically structured and entered into the correct EHR fields, ensuring zero workflow interruption. The company’s technology and operations are HIPAA compliant and use proprietary robotic process automation that allows for turnkey EHR integrations eliminating traditionally cumbersome IT projects and roadmaps.
“Using Notable Health’s technology has significantly increased our physicians’ overall wellness and workflow. Our physicians are now able to see more patients, no longer need to remember rules across our payer mix, which has resulted in an overall better patient experience,” said Sean Glass, Founder and CEO of Advantia Health, a fast-growing health care company focused on the health of women and their families.
“Notable Health’s powerful AI technology squarely addresses the growing issue of physician burnout and is likely to generate new possibilities for the way care is documented, coordinated, and paid for,” said Byers, who served as the Chief Financial Officer at athenahealth (Nasdaq: ATHN) prior to joining F-Prime Capital Partners in 2012. “We are excited to partner with the Notable Health team with their unique user experience and engineering backgrounds and feel they have the potential to drive a profound impact on how providers deliver care, allowing physicians to focus fully on patients rather than on computer screens.”
“Notable Health is bringing innovative and powerful technology solutions, including AI, wearables and voice interfaces, to address problems and challenges our physicians face daily,” said Annie Lamont. “We are thrilled to be helping Notable Health continue to grow and deliver a seamless, truly hands-free solution to this ever-important set of health care professionals.”